US to auction Gulf of Mexico oil under climate compromise

The Biden administration is auctioning oil and gas leases across more than 114,000 square miles in the Gulf of Mexico in a sale mandated by last year's climate bill

Developing the leases for sale in public waters in the Gulf of Mexico could produce more than 1 billion barrels of oil and more than 4 trillion cubic feet of natural gas over 50 years, according to a. Burning that oil would increase planet-warming carbon dioxide emissions by tens of millions of tons, the analysis found.

“It showed that the Biden administration is likely trying to strike a balance between energy transition and energy security,” said Yahya with S&P Global. The sale is taking place in a state that is economically dependent on the oil and gas industry but also especially vulnerable to climate change. Louisiana’s complicated relationship with the industry also is illustrated by lawsuits filed by coastal parishes over decades of alleged damage to wetlands from dredging canals to service oil and gas drilling.

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